NEWPORT BEACH, CALIF. — S.K. Hart Properties has acquired Bayview Corporate Center, located at the intersection of Jamboree Rd., MacArthur Blvd. and the SR-73 Freeway in Newport Beach. Terms were not disclosed. Formerly the corporate headquarters of Downey Savings & Loan, the Class A office campus consists of two six-story towers connected by a three-story atrium and a five-level parking structure. The purchase marks S.K. Hart Properties’ entry into the Orange County commercial real estate market.
DENVER — Catholic Health Initiatives has reserved 100,000 square feet of space for an 11-year term at 198 Inverness Drive West, an eight-story, Class A office building that Lowe Enterprises acquired in 2006. CHI plans to begin relocating its associates to the southeast Denver location in June. CB Richard Ellis’ John Marold represented Lowe in the transaction, and Cushman & Wakefield’s Nick Pavlakovich represented CHI. The office development was certified LEED Gold in September.
EL CENTRO, CALIF. — Sperry Van Ness has handled the sale of an 18,000-square-foot office building located at 1625 W. Main St. in El Centro. The property, which is leased to the Superior Court of California on a new 10-year term, was purchased by an institutional buyer in an all-cash transaction. Tony Gild of Sperry Van Ness in San Diego represented the seller.
SANTA ANA, CALIF. — In an all-cash transaction, Highridge Partners has purchased the 246,819-square-foot 3 MacArthur office tower in Santa Ana for $31 million. Marking the debut of the firm’s $500 million investment program targeting Class A California office properties, Highridge Partners acquired the 11-story property from Tishman Speyer Office Fund, which had purchased the building in 2007. Located in the airport submarket of Orange County, 3 MacArthur is currently 78 percent leased. The new owner has engaged RiverRock and CB Richard Ellis to handle on-site property management and leasing duties, respectively.
DULUTH, GA. — In a complex office leasing transaction, Rockwell Collins Satellite Communications Systems and Stiefel Labs have moved into each other’s Atlanta buildings, acquiring the office furnishings and the personalized build outs associated with each property. Rockwell Collins has leased a total of 175,000 square feet from Seefried Properties and FRAPAG. The property, located at the Northmont Distribution Center on Northmont Parkway in Duluth, had previously been occupied by Stiefel. The move served to consolidate Rockwell’s four locations into one building. Stiefel has leased 71,000 square feet of warehouse space, formerly occupied by Rockwell Collins, from StratREAL at the firm’s Satellite Place in Duluth. Bob Ward, Price Weaver, Pete Shelton and Ben Logue of Colliers Spectrum Cauble represented Rockwell Collins in the transaction. Douglas Campbell of The Campbell Group and Rob Metcalf and Nicole Janney of Jones Lang LaSalle represented Stiefel.
EDEN PRAIRIE, MINN. — Brian Hennen of NorthMarq Capital’s Minneapolis Regional office has arranged a $4.6 million first mortgage for Southwest Crossing Tech Center in Eden Prairie. The 107,633-square-foot multi-tenant, office/showroom property is currently tenanted by CIGNA and Questar Medical Inc. Terms of the 10-year loan include a 25-year amortization schedule. Advantus Capital Management provided the loan. The borrower is Southwest Crossing Tech LLC.
NEW YORK CITY — New York City-based real estate firm Studley has signed a lease for its new corporate headquarters. Beginning in the first quarter of 2010, Studley will occupy the 61,000-square-foot 11th floor of 399 Park Avenue for a 10-year term. The company will relocate from an approximately 40,000-square-foot office at 300 Park Avenue, which it has leased since 1987. Mitchell Steir, Michael Colacino and Michael Goldman of Studley provided in-house representation for the firm in lease negotiations. The landlord, Boston Properties, was represented by John Powers of CB Richard Ellis.
NEWARK, N.J. — Diversified Capital has reached an agreement with Lane Capital in which Lane will take a minority ownership stake in Diversified's 24 Commerce Building, an 18-story, 180,000-square-foot office building located in Newark. As part of the agreement, Lane will provide long-term financing to help finish a multi-million renovation that is currently under way at the building. Current tenants at 24 Commerce include Newark Funding and Pediatric Dental Group. Several restaurants will be added as part of the building's repositioning.
HOUSTON — WorleyParsons Group has signed a long-term lease expansion for 54,518 square feet of office space at Energy Center II in Houston. This most recent lease brings the company's total occupancy in the 305,585-square-foot building to 195,781 square feet. Louis Cushman and Courtney Estenson of Cushman & Wakefield of Texas represented the tenant in lease negotiations. The landlord, a joint venture between Trammell Crow Co. and Principal Real Estate Investors, was represented by Steve Rocher of CB Richard Ellis. Energy Center is a two-building, LEED-Gold certified office campus that totals 638,000 square feet. This most recent lease brings occupancy at the campus to approximately 88 percent.
FRANKLIN, WIS. — Franklin Drive LLC has acquired a 13,500-square-foot office building in Franklin. Located at 9875 S. Franklin Dr., the property sold for $1.57 million. Lyle Landowski of Inland Cos. brokered the transaction. The seller was not disclosed.